Tower Resources announces Cameroon reserves report and operations update

Tower Resources plc (the “Company” or “Tower” (TRP.L, TRP LN)), the AIM listed oil and gas company with its focus on Africa, is pleased to announce the results of an independent Reserves Report that conforms to SPE_PRMS guidelines (“Reserves Report”) from Oilfield International Limited (“OIL”) on behalf of the Company’s wholly owned subsidiary, Tower Resources Cameroon S.A, across its Thali licence, offshore Cameroon in which it holds a 100% licence interest. The Company is also pleased to provide an operational update on Cameroon.

The OIL Reserves Report has quantified contingent and prospective resources across multiple fault block prospects on the Thali licence, including the existing oil discovery at Njonji in the southern part of the licence, together with their calculated Expected Monetary Value (“EMV”), as detailed below.

Reserve Report and other highlights:

  • Gross mean contingent resources of 18 MMbbls of oil across the proven Njonji-1 and Njonji-2 fault blocks (with low/best/high estimates of 5/15/34 MMbbls) and with a development contingency probability of 80% on first phase and 70% on second phase;
  • Gross mean prospective resources of 20 MMbbls of oil across the Njonji South and Njonji South-West fault blocks (with low/best/high estimates of 5/16/39 MMbbls);
  • Gross mean prospective resources of 111 MMbbls of oil across four identified prospects located in the Dissoni South and Idenao areas in the northern part of the Thali licence (with low/best/high estimates of 21/84/237 MMbbls);
  • Calculated EMV10s of US$118 million for the contingent resources, and US$82 million for the prospective resources, respectively;
  • A Letter of Commitment has been executed to secure a modern and suitable jack-up rig for the drilling of the NJOM-3 well in Q2 2019;
  • An offer of financing from an industry partner for the Thali licence has also been received and is being considered alongside other funding options.

Source: Tower Resources

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